New Delhi: Bharat Petroleum Corporation Limited (BPCL) announced its financial results for the first quarter (Q1) of the current financial year (FY 2021-22) on Thursday. During the period, the company has reported a 27.6 percent drop in June quarter net profit at Rs 1,501.65 crore, as compared to Rs 2,076.17 crore in the corresponding quarter of the previous year.
BPCL's revenue from operations stood at Rs. 89,687.12 crores as against Rs 50,616.92 crore in Q1 FY21. EBITDA was at Rs 3,627.40 crore as compared to Rs 4,509.14 crore to CPLY; EBITDA margin was at 4.02 percent in Q1 FY22 as against 8.81 percent in Q1 FY21, the company said in a regulatory filing to the bourses.
The profit was lower as a sharp movement in oil prices – from $19-20 per barrel to $40 – in the April-June quarter of 2020 led to a spike in marketing margins. This year, the movement has been range-bound.
Total market sales was 9.63 MMT in Q1FY22, while refinery throughput of Mumbai and Kochi refineries were 6.84 MMT in Q1 FY22. During the period BPCL has achieved the highest ever average ethanol blending percentage of 8.95 percent and added 129 new fuel stations taking its network strength to 18,766.
BPCL operated outlets network has also increased to 297 with 1 addition during the first quarter. The company expanded Umang services to 8,741 fuel stations for rural consumers.
BPCL added 5 new distributors, taking LPG distributor network strength to 6,169 and the customer base increased to 8.59 crore while 8 CNG stations were commissioned during the period.
Commenting on Q1 FY22 performance, BPCL's Chief Financial Officer (CFO) VRK Gupta said, "The first quarter of the new financial year was marred by the second wave of COVID-19 that impacted the fuel sales across India. The restrictions imposed by state administration and subdued business activity resulted in the slowdown of economic growth restricting the movement of vehicles. However, the impact of the second wave was not as bad as the first wave of COVID-19."
"Revenue has grown up by 77 percent as compared to the corresponding quarter of the previous year. Similarly, improvements in the crack in the international market is reflected in our quarterly GRM which has shown significant improvement as compared to the corresponding quarter of the previous year. Acquisition of 36.60 percent of the stake held by Oman Oil in BORL by BPCL was completed during the first quarter of FY 2021-22 resulting in full control on BORL by BPCL. The business activities have accelerated and so have fuel sales. We believe with vaccination in progress, the resumption in economic activities is likely to sustain this time around," he added.
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